Business Opportunities under the Philippine Retirement Authority Naricris B. Sison TIEZA Tourism Enterprise Zone Investment Forum Hiyas Convention Center, Malolos, Bulacan / 23 September 2019
Most product” per country by fixr.com ^
Most product” per country by fixr.com ^
PRA Through the Years Executive Order No. 1037 created the Philippine Retirement Park System (now PRA) as a government-owned and controlled corporation on July 4, 1985 Executive Order No. 26 placed the PRA under the supervision and control of the BOI-DTI on August 31, 2001 Republic Act No. 9593 otherwise known as Tourism Act of 2009 made PRA an agency attached to the DOT on May 12, 2009
PRA’s Core Product Special Resident Retiree’s Visa ( SRRV)
What is the SRRV? The Special Resident Retiree’s Visa (SRRV) is a special non- immigrant visa which entitles the holder to reside permanently in the Philippines.
SRRV Features / Benefits Option to reside Multiple-entry & Exemption from the Exemption from permanently in indefinite stay Bureau of Immigration customs duties and the PH privileges ACR I-Card taxes* *Exemption from customs duties and taxes for importation of HOUSEHOLD GOODS and PERSONAL EFFECTS up to US$7,000. One-time benefit that must be availed within 90 days from issuance of SRRV. Terms and conditions apply.
SRRV Features / Benefits Exemption from Exemption from Exemption from paying the securing a separate securing a separate Work Visa travel tax Study Permit / Student’s Visa
Who may apply? Any foreign national At least 35 years old CHILD/CHILDREN LEGAL SPOUSE 20 years old and below legitimate/ legally adopted unmarried
One Visa, Four Options
HUMAN TOUCH COURTESY SMILE CLASSIC and Expanded Courtesy
SRRV Option 1 SRRV Smile For active/healthy foreign retirees 35 years old & above Visa Deposit of US$20,000.00 Visa Deposit cannot be converted to active investment Visa Deposit may only be used for end-of- term obligation
SRRV Option 2 SRRV Classic For active/healthy foreign retirees 35 years old & above Visa Deposit for 35 to 49 years old is US$50,000.00 for 50 years old & above With Pension US$10,000.00 Without Pension US$20,000.00 Visa Deposit may be converted to active investment e.g. purchase of a RFO condominium unit/s, or long term lease of house or house and lot
SRRV Option 3 SRRV Courtesy For active/healthy foreign retirees Foreign Nationals – 50 years old and above who worked for international organizations in the Philippines Additional Requirements: 1. Certification of employment/affiliation 2. Proof of Pension Former Filipinos - 35 years old and above Additional Requirements: 1. Old Philippine Passport; or 2. PSA Birth Certificate Visa Deposit of US$1,500.00
SRRV Option 4 For ailing foreign retirees in need of medical care & assistance 35 years old and above SRRV Human Touch Visa Deposit of US$10,000.00 Additional Requirements Certification from the doctor/hospital of a pre-existing health condition of the retiree-applicant Proof of monthly pension of at least US$1,500.00 Health Insurance portable to and acceptable in the Philippines
Basic Requirements for SRRV Application 1. PRA Application Form 2. Medical Clearance (issued in PH or abroad) 3. Police Clearance (issued from last residence) 4. + NBI Clearance (for retirees staying in PH for the last 30 days prior to his PRA application) 5. Bank Certification for the Visa Deposit 6. Original Passport with updated Visa/stay 7. Photos 8. Marriage Contract if spouse will join 9. Birth Certificate for joining children 10.Processing/Service Fee US$1,400 for Principal 11.Processing/Service Fee US$300 for dependent 12.PRA Annual Fee US$360 for Principal Note: Other requirements may be asked depending on SRRV Option being applied for.
PRA Accredited Banks
18 PRA’s Foreign Retirees 65,94 65,948 SRRV Holders (1987 to 20 September 2019)
TOP 10 NATIONALITIES (1987 to present) American 06 a 3,016 (4.57%) Chinese (HK-SAR) 07 1,460 (2.21%) British 08 1,204 (1.83%) German 09 701 (1.06%) Australian 10 684 (1.04%) as of 20 September 2019)
TOP 10 NATIONALITIES (1987 to present) Chinese (PROC) 01 25,641 (38.88%) Korean 02 13,522 (20.50%) Indian 03 5,753 (8.72%) ROC Taiwan 04 4,753 (7.21%) Japanese 05 3,884 (5.89%) as of 20 September 2019
Where they stay... • NCR (62.92%) • CALABARZON (8.82%) • Central Visayas (7.58%) • Central Luzon (7.54%) • Davao Region (2.75%)
Why they come to stay... Children are sent to schools/universities to study English and finish college Lower cost of living Make the Philippines their half-way home particularly during the harsh winter seasons Made the Philippines as their second home since pension received is not enough for their daily subsistence in their country Invest and start their own businesses Make the Philippines their weekend get-away destination (play golf) Simply retire from work & enjoy life
Business Opportunities under the PRA Retirement Program
RETIREMENT MERCHANT MARKETER FACILITY PARTNER
RETIREMENT FACILITIES Accredited accommodations/ dwellings for PRA retiree- members such as condominium units (RFO and Pre-selling), townhouses, houses, and house and lots (for long term lease).
Retirement Facilities
MERCHANT PARTNERS Accredited service providers such as hotels, resorts, restaurants, drug stores, wellness centers, spas, bookstores, laundry shops, clinics that may give preferential treatment and discounts to PRA retiree- members.
Home Care
Health, Wellness, Insurance
Travel, Leisure, Recreation
Education
Business Franchising
Accounting Services
Freight Services
Hotel and Resort Services
Online Shopping Food and Law Firms Beverages
MARKETERS Accredited companies (travel agencies, law firms, hotels, restaurants, other business providers), sole proprietors, lawyers, PRC licensed brokers, and other individuals who want to help the PRA promote the SRRV program
MARKETERS Receive a Fiscal Incentive for successfully enrolling a retiree in the SRRV program: $500
Thank You! Philippine Retirement Authority 29 th Floor Citibank Tower, 8741 Paseo de Roxas, Makati City www.pra.gov.ph Tel. No. 848-1412 Fax No. 848-1421 Email: clientrelations@pra.gov.ph
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